Money Market Account & Savings Accounts Rates: June 22, 2009
The decline in rates for both savings accounts and money market account rates increased after the Troubled Asset Relief Program (TARP) gave banks another way to fund their reserves instead of using deposit accounts. Banks dramatically lowered their rates because it was cheaper for them to borrow money from the government then it was to pay depositors. Cheaper but at a price, many banks are now regretting borrowing funds from TARP because of the government oversight and scrutiny on their spending and executive compensation. Savings Account and Money Market Account RatesThe average money market account and savings account rate for account balances of $2,500 decreased to 0.429 percent this week, down from last week's average rate of 0.432 percent. AIG Bank is currently offering a savings interest rate of 1.76 percent on an account balance of $2,500. Average savings account and money market account rates on account balances of $10,000 is at 0.527 percent this week, down from last week's average rate of 0.532 percent. HSBC Direct is currently offering a high savings rate on all account balances, their rate is currently at 1.55 percent. The average rate for money market account and savings account rates for account balances of $25,000 is at 0.609 percent this week, down from last week's average savings rate of 0.615 percent. The average money market account rate and savings account rate for account balances of $50,000 is 0.678 percent this week, down from last week's average savings account rate of 0.684 percent. AIG Bank is offering a high interest savings account rate of 1.96 percent for account balances of $50,000 this week. Explore Other Savings Account Offers
Bank of Internet Savings Account Rate Lowered
Pathetic Savings Account Rates the New Normal
EverBank Promotional Money Market Account
Highest Savings Account Rates at 1.05% This Week
Think Mutual Bank Savings Account & Money Market Account
Acacia Federal Savings Account
1.12% APY New Top Savings Rate from North American Savings Bank, FSB
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Saint Petersburg, Florida Savings Interest Account Rates and Savings Yields
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